Introduction to Business Test Questions
Course Introduction
Introduction to Business provides a comprehensive overview of the fundamental principles and practices that govern the operations of modern organizations. Students will explore key concepts such as management, marketing, finance, entrepreneurship, and human resources, while gaining insights into the global business environment and the ethical and social responsibilities of enterprises. Through engaging discussions, case studies, and real-world examples, this course equips students with a foundational understanding of how businesses are structured, how they operate, and how decisions are made, preparing them for further study or entry-level roles in the business world.
Recommended Textbook Business in Action 7th Edition by Courtland L. Bovee
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Page 2
Chapter 1: Developing a Business Mindset
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Sample Questions
Q1) Which of the following activities is most likely to be considered unprofessional?
A) Viewing constant change as a positive thing, as a way to avoid stagnation and boredom.
B) Being conservative with commitments.
C) Helping others in the team to improve their performance.
D) Posting critical comments regarding the employer in a personal blog.
E) Providing practical information, when required.
Answer: D
Q2) ________ refers to a company's target customers,the buying influences that shape the behavior of those customers,and competitors that market similar products to those customers.
A) Regulatory environment
B) Social environment
C) Economic environment
D) Market environment
E) Technological environment
Answer: D
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Page 3
Chapter 2: Understanding Basic Economics
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Sample Questions
Q1) ________ is the spirit of innovation,the initiative,and the willingness to take the risks involved in creating and operating businesses.
A) Capitalization
B) Socialization
C) Merchandizing
D) Automation
E) Entrepreneurship
Answer: E
Q2) The money,computers,machines,tools,and buildings that a business needs in order to produce its goods and services are called ________.
A) natural resources
B) human resources
C) capital
D) knowledge
E) entrepreneurship
Answer: C
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Page 4
Chapter 3: The Global Marketplace
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Sample Questions
Q1) Describe the importance of the World Trade Organization. Answer: The World Trade Organization (WTO)is a permanent forum for negotiating,implementing,and monitoring international trade procedures and for mediating trade disputes among its more than 150 member countries.The organization's work is guided by five principles: preventing discriminatory policies that favor some trading partners over others or a country's own products over others',reducing trade barriers between countries,making trade policies more predictable and less arbitrary,discouraging unfair practices,and helping less developed countries benefit from international trade.
Q2) Culture is a shared system of symbols,beliefs,attitudes,values,expectations,and norms for behavior.
A)True
B)False
Answer: True
Q3) Providing short-term loans to countries that are unable to meet their financial obligations is a primary function of the International Monetary Fund.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Business Ethics and Corporate Social Responsibility
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Sample Questions
Q1) Corporate social responsibility refers to ________.
A) the rules or standards governing the conduct of a person or group
B) a written statement setting forth the principles that guide an organization's decisions
C) the notion that business has obligations to society beyond the pursuit of profits
D) business that operates in a manner that minimizes pollution and resource depletion, ensuring that future generations will have vital resources
E) the movement that pressures businesses to consider consumer needs and interests
Q2) Nongovernmental organizations are ________.
A) publicly traded and owned entities
B) firms that apply sustainable business strategies to achieve their business goals
C) nonprofit groups that provide charitable services or promote causes
D) firms that derive a substantial portion of their income from trade
E) composed primarily of sovereign states (referred to as member states), or of other intergovernmental organizations
Q3) Discuss the two-tiered approach to CSR.
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6
Chapter 5: Forms of Ownership
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Sample Questions
Q1) All partners have joint authority to make decisions for the firm in a general partnership.
A)True
B)False
Q2) A horizontal merger occurs when different companies at the same stage or level merge.
A)True
B)False
Q3) A(n)________ is an unincorporated company owned by two or more people.
A) limited company
B) partnership
C) corporation
D) S corporation
E) proprietorship
Q4) The chief operating officer is the highest-ranking officer of a corporation.
A)True
B)False
Q5) Partnerships are subject to double taxation of income.
A)True
B)False
Page 7
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Chapter 6: Entrepreneurship and Small Business Ownership
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Sample Questions
Q1) Compare and contrast creating a new,independent business with buying an existing independent business.
Q2) Well-known examples of ________ include Taco Bell,Pizza Hut,The UPS Store,and Curves fitness centers.
A) product franchises
B) business franchises
C) manufacturing franchises
D) global franchises
E) discount franchises
Q3) A business plan is a written document that summarizes the ________.
A) cost benefit analysis of the business
B) sources of financing for the business
C) proposed business venture, goals, and plans for achieving those goals
D) personal financial statements of the business owners
E) organization's exposure to internal and external threats
Q4) How do downsizing and outsourcing influence the number of small businesses?
Q5) In the business plan,the exit strategy explains how and when the owner will close her business.
A)True
B)False
8
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Chapter 7: Management Roles, Functions, and Skills
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Q1) Directly intervening in organizational processes to improve performance is an example of the ________ function of management.
A) communicating
B) controlling
C) planning
D) organizing
E) decision making
Q2) ________ skills refer to the ability to identify a decision situation,analyze the problem,weigh the alternatives,choose an alternative,implement it,and evaluate the results.
A) Interpersonal
B) Technical
C) Administrative
D) Decision-making
E) Interpersonal.
Q3) Do you think having a positive culture is important to an organization? Explain your answer.
Q4) Standards refer to the criteria against which performance is measured.
A)True
B)False
Page 9
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Chapter 8: Organization and Teamwork
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Sample Questions
Q1) Nick is the team lead of an eight-member team of loan originators at Cooper and Co.,a commercial real estate brokerage firm.He tends to focus on supporting the emotional needs of his team members.He often organizes events such as baseball games and movie nights to strengthen the social unity of his team.However,he often neglects to complete specific tasks.He is most likely to be categorized under which of the following team member roles?
A) authoritarian role
B) task-specialist role
C) nonparticipator role
D) dual role
E) socioemotional role
Q2) Compare and contrast a task force with a committee.
Q3) A self-managed team requires little supervision,controls the pace of its work and determines work assignments.
A)True
B)False
Q4) Compare and contrast matrix structure with network structure.
Q5) What is a team? How does a functional team differ from a cross-functional team?
Q6) What is a virtual team?
Q7) Discuss the advantages and disadvantages of work specialization.
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Chapter 9: Production Systems
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Sample Questions
Q1) ________ is a tool used by manufacturing facilities to coordinate production of all the goods the company makes.
A) JIT system
B) Value web
C) Six Sigma
D) Inventory list
E) Master production schedule
Q2) The period of time between placing an order for supplies and receiving the material is called ________.
A) process forecast
B) run time
C) lead time
D) lag time
E) procurement delay
Q3) Compare and contrast the production of goods and services.
Q4) Feedback is the information from the output applied back to the input.
A)True
B)False
Q5) Explain how systems are found in a company.
Q6) Explain the concept of value webs.
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Chapter 10: Employee Motivation
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Sample Questions
Q1) List the managerial strategies that are vital to maintaining a motivated workforce.
Q2) Carrey works as a bank teller who handles deposits and disbursement.In an attempt to improve her motivation,Carrie's manager asks her to distribute traveler's checks and sell certificates of deposit as well.Though the additional tasks are no more challenging than what Carrey has been doing,they give her more to do.This is an example of
A) job rotation
B) cross-training
C) job enlargement
D) benchmarking
E) centralization
Q3) ________ refers to the idea that carefully designed performance targets and aims can motivate employees to higher performance.
A) Goal-setting theory
B) Equity theory
C) Herzberg's two-factor theory
D) David McClelland's three needs theory
E) Expectancy theory
Q4) Discuss the risks and limitations of the goal-setting theory.
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Chapter 11: Human Resources Management
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Sample Questions
Q1) ________ refers to flexible benefit programs that let employees personalize their benefits packages.
A) Cafeteria plans
B) Gain sharing
C) Profit sharing
D) Commissions
E) Bonus
Q2) ________ refers to a statement describing the kind of person who would be best for a given job - including the skills,education,and previous experience that the job requires.
A) Job specification
B) Job enrichment
C) Succession planning
D) Job analysis
E) Job description
Q3) What is performance appraisal? Compare and contrast the 360-degree review method with electronic performance monitoring (EPM).
Q4) List the factors HR managers weigh to forecast demand for the numbers and types of employees who will be needed at various times in the firm.
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Chapter 12: Labor Relations
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Sample Questions
Q1) The ________ of 1959 protects union members' rights and limits the potential for corruption by union officials.
A) National Labor Relations Act
B) Norris-La Guardia Act
C) Landrum-Griffith Act
D) Wagner Act
E) Labor-Management Relations Act
Q2) The term strikebreakers refers to ________.
A) injunctions issued by the employer to break strikes
B) nonunion workers hired during strikes
C) lawsuits filed against striking employees
D) lawsuits filed against striking unions
E) striking employees who are not in favor of the strike
Q3) Grievance is an informal complaint made to the immediate supervisor.
A)True
B)False
Q4) Explain the importance of the Landrum-Griffith Act.
Q5) Explain how unions use publicity campaigns to pressure management.
Q6) Identify and discuss the "alt-labor" movement.
Q7) Explain the concept of national unions.
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Chapter 13: The Art and Science of Marketing
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Q1) Lifestyle Apparels Inc.,an international fashion and apparel manufacturing and selling company,divides its target market segment into groups based on the climatic conditions of the locations where the customers reside.This enables the firm to offer products that are suited to the climatic conditions of the place where the customers reside.In this example,Lifestyle Apparels Inc.uses which of the following strategies?
A) market development
B) vertical integration
C) market segmentation
D) horizontal integration
E) cause-related marketing
Q2) The study of the statistical characteristics of a population is called ________.
A) demographics
B) psychographics
C) behavioral segmentation
D) anthropology
E) ethnographic research
Q3) Compare and contrast surveys with interviews and focus groups.
Q4) What is cognitive dissonance?
Q5) Compare and contrast undifferentiated marketing with differentiated marketing.
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Chapter 14: Product and Pricing Strategies
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Q1) Price elasticity is a measure of the sensitivity of ________ to changes in price.
A) variable cost
B) demand
C) income
D) yield
E) total cost
Q2) Prototypes are ________.
A) layouts used in the design of a product
B) analysts who screen product ideas
C) tools used to design a new product
D) preproduction samples of products
E) networks used in the commercialization of products
Q3) ________ is an agreement to produce and market another company's product in exchange for a royalty or fee.
A) Trademark
B) License
C) Patent
D) Copyright
E) Co-branding
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Page 16
Chapter 15: Distribution and Marketing Logistics
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Sample Questions
Q1) Retail stores that exist for only a short time and are designed more as attention-getting events than as ongoing retail operations are called ________.
A) pop-up stores
B) retail theaters
C) hybrid stores
D) off-price stores
E) specialty stores
Q2) JustBooks Company is a U.S.-based international wholesaler specializing in Afro-American books and children's literature.The firm purchases books from publishers,has physical possession of the books,takes legal title to them,and sells them to retailers for resale.The firm also offers a wide variety of services including setting up displays in retail outlets,and marking prices on books.JustBooks Company can be classified as a(n)________.
A) rack jobber
B) drop shipper
C) broker
D) agent
E) specialty store
Q3) Compare and contrast order processing with warehousing.
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Page 17
Chapter 16: Customer Communication
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Sample Questions
Q1) Yelp is a popular content curation site,in which someone with expertise or interest in a particular field collects and republishes material on a topic in that field.
A)True
B)False
Q2) Institutional advertising refers to advertising that presents a company's opinions on public issues such as education or health care.
A)True
B)False
Q3) Discuss the three trends that are likely to shape advertising media in the coming years.
Q4) The government agency that has the authority to impose penalties against advertisers who violate federal standards for truthful advertising is the ________.
A) Federal Communications Commission
B) Consumer Product Safety Commission
C) Federal Trade Commission
D) Federal Advertising Administration
E) Federal Regulatory Commission
Q5) Compare and contrast viral marketing with conversation marketing.
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Chapter 17: Financial Information and Accounting Concepts
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Sample Questions
Q1) Which of the following is an example of a company's asset?
A) inventory in the warehouse
B) mortgage loans
C) bonds issued by the company
D) short-term loans
E) debt security raised by the company
Q2) Intellectual property and goodwill are considered liabilities in accounting.
A)True
B)False
Q3) Accrued expenses are expenses that ________.
A) are likely to be incurred at a future time in a different financial year
B) have been incurred but for which bills have not yet been received
C) are long-term liabilities that have been incurred in a financial year
D) have been incurred and for which the bills have been received
E) are likely to be incurred at a future time in the same financial year
Q4) External auditors are independent accounting firms that provide auditing services for public companies.
A)True
B)False
Page 19
Q5) Compare and contrast accrual basis accounting and cash basis accounting.
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Chapter 18: Financial Management
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Q1) Revenue obtained through selling assets is an example of an external source of income.
A)True
B)False
Q2) Doron is a manufacturer of plastic products.The company produces utensils and gift items.Which of the following would appear as accounts payable in the company's balance sheet?
A) revenue obtained by selling assets to a supplier
B) funds obtained through issuing corporate bonds
C) a default payment made on a long-term loan
D) funds obtained through issuing preference shares
E) a bill that one of the suppliers has sent for a purchase
Q3) Which of the following is an internal source for obtaining funds for business?
A) issuing corporate bonds
B) unsecured loans
C) factoring
D) commercial papers
E) selling assets to obtain revenue
Q4) Explain the concept of risk/return trade-off.
Q5) Explain why companies form hedging agreements with their suppliers.
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Chapter 19: Financial Markets and Investment Strategies
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Sample Questions
Q1) The amount of money that the bond buyer is lending to the bond issuer is known as the ________.
A) par value
B) yield
C) dividend
D) coupon rate
E) intrinsic value
Q2) Stocks of major,well-established corporations with demonstrated ability to manage their way through every kind of economic condition are known as ________ stocks.
A) blue chip
B) income
C) growth
D) penny
E) cyclical
Q3) What is load? What are no-load funds?
Q4) Compare and contrast call options and put options.
Q5) Compare and contrast a money market and derivatives market.
Q6) Describe the different order types you can use when you buy or sell a stock.
Q7) Compare and contrast options and futures.
Page 21
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Chapter 20: The Money Supply and Banking Systems
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Q1) Thrift banks offer a variety of services related to initial public stock offerings and mergers and acquisitions.
A)True
B)False
Q2) The prime rate is the interest rate that a bank charges its most credit-worthy customers.
A)True
B)False
Q3) Compare and contrast federal funds rate and discount rate.
Q4) ________ are non-bank companies that use their own funds to offer mortgages.
A) Mortgage agencies
B) Mortgage brokers
C) Credit unions
D) Loan associations
E) Independent mortgage companies
Q5) The Dodd-Frank Act aims to reform the banking industry.
A)True
B)False
Q6) Identify and discuss the Fed's major responsibilities.
Q7) What are foreclosures? When do such situations occur?
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